PROPRIETORSHIP

Proprietorship

Proprietorship

A form of organization, often called a “C-Corporation,” that exists as a legal entity and has centralized management, limited liability, transferable shares, and continuity of existence. A corporation is created as an artificial person, in accordance with law, and with the purpose of engaging in activities of a business nature. While a corporation exists separately from its owners, the shareholders, it has many of the same rights, abilities, and responsibilities as held by humans. A corporation can hire or discharge employees; enter into contracts; and have the right to own, sell, rent, or lease property. Furthermore, corporations are subject to risk, ...